Sales of imported light passenger vehicles in South Korea fell by a further 8% to 27,223 units in December 2023 from 29,640 units a year earlier, according to the Korea Automobile Importers & Distributors Association (KAIDA).
The data did not include some unaffiliated brands, including Tesla.
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The market continued to weaken last month amid sluggish consumer spending following sharp interest rate hikes by the central bank in the last year from 1.25% to 3.5%. Importers also faced stronger competition from domestic brands, particularly Hyundai and its luxury unit Genesis. Sales by domestic manufacturers also declined last month, by 13% to 114,905 units, but were up by over 5% at 1,458,260 units over the full year.
Import sales declined 4% to 271,034 units last year from 283,435 in 2022, with German owned brands accounting for over 75% of the total.
BMW continued to lead this segment with sales falling by just 1.5% to 77,395 units with deliveries in December lifted by the arrival of the new 5 series sedan, while Mini sales were down 15% at 9,535 units.
Mercedes-Benz sales fell 5% to 76,697 units in 2023 although sales are expected to improve this year with the imminent launch of the popular E-class sedan.
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By GlobalDataVolkswagen sales plunged by 35% to 10,247 units, Audi sales were down 16% at 17,868 units while Porsche sales surged 27% to 11,355 units.
Volvo reported an 18% sales rise to 17,018 units with the company adding the EX30 BEV SUV to its range late last year.
Lexus deliveries jumped 79% to 13,561 units last year while Toyota sales rose 31% to 8,495 units, helped by the recent introduction of the RAV4 plug-in hybrid (PHEV) and the Crown hybrid crossover.
Land Rover sales surged 61% to 5,019 units.
Honda sales plunged 56% to 1,385 units despite the recent launch of the US 3.5-litre Pilot SUV, the 2.0-litre hybrid CR-V and the Accord hybrid sedan. The Odyssey MPV and the CR-V remained by far its most popular models.
Tesla was estimated to have sold close to 16,500 EVs in the country last year, mostly Model Ys.
